Relevant and even prescient commentary on news, politics and the economy.

Is the $8.5 billion Foreclose and Fraud Settlement Enough of a Penalty?

by run75411 Update: Besides not prosecuting particulars who promulgated much of 2008, what makes this settlement bad is letting banks off the hook: “In the settlement announced Monday between the Federal Reserve, the Comptroller of the Currency and ten of the largest banks and other mortgage providers, the government gives up the right to prosecute banks […]

Bruce Bartlett and Yves Smith on Overhyping the Fiscal Cliff

This video featuring Bruce Bartlett and Yves Smith on Overhyping the Fiscal Cliff is worth watching. Independent political and economic analysts Bruce Bartlett and Yves Smith join Bill in a discussion that’s become as rare as it is necessary — why are Washington insiders talking about the deficit crisis and not the jobs crisis? Bartlett, […]

Systematic document forgery and fabrication

Yves Smith at continues to point us in the direction of property ownership and the fallout from the widespread disregard of law in establishing title to property in her post Systematic document forgery and fabrication at Naked Capitalism: The Department of Justice and the state of Missouri have each announced criminal plea bargains with one […]

The CBO Wants to Discuss Healthcare and the Deficit?

The CBO Wants to Discuss Healthcare and the Deficit?(from run75411) Someone struck a nerve, “The Lady Doth Protest Too Much: CBO Director Asks for A Chat . . .”. Yves Smith at Naked Capitalism received an interesting email after a voice mail from the Associate Director of Communications for the CBO: Greetings, Susan.I am following […]

Project S.H.A.M.E. on Megan McArdle…

Angry Bear has had a history of disagreement with Megan McArdle via her Atlantic magazine posts (starting in 2007), at one point being called Mike and his merry madmen in print by Megan McArdle (in exasperation?). Still. the madmen included Mike, Dan Crawford, Spencer England, Ken Houghton, Robert Waldmann, and other notables brought in to […]

Wall Street Rule…Has Someone Noticed the IRS isn’t Enforcing Tax Laws in the Mortgage-Industrial Complex?

Yves Smith continues her look at the Wall Street Rule: Reader Deontos highlighted a post on Reuters by two Brooklyn Law School professors, Bradley Borden and David Reiss, on a subject near and dear to our hearts, the abject failure of the IRS to take interest in widespread, probably pervasive, violations of REMIC, the part […]

Wall Street’s War Against the Cities:

From Naked Capitalism: Wall Street’s War Against the Cities: Why Bondholders Can’t – and Shouldn’t – be Paid By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, a research associate at the Levy Economics Institute of Bard College, and author of “The Bubble and Beyond,” which is available on Amazon. […]

Yves Smith has been all over the Standard Chartered story

Yves Smith has been all over the Standard Chartered story: Reuters Runs Interference for Elite Corruption, Scrubs Article That Shows How Banks Get Out of Jail Free – 08/09/2012 – Yves Smith Standard Chartered Makes Empty Threat to Sue New York Regulator Over Iran Money Laundering – 08/09/2012 – Yves Smith NYS Order on Standard […]

Substantively misleading reporting on winners in oil manipulations

Yves Smith writes to blast more ‘reporting’. I also follow Angry Bear Robert’s Stochastic Thoughts whom Mark Thoma has recently been linking, who has a unique style for his thoughts, on ‘ballance’ in reporting. It isn’t until paragraph 14, when cursory readers have already checked out, that we get a mention of who really wins […]